The Consumer Price Index (CPI) measures the rate of change in the price of various goods and services in the United States. It’s used as a key indicator for measuring inflation.
At press time, BTC is changing hands at around $18,165, up 4.1% over the past 24 hours.
Alongside the bullish price action, Bitcoin’s daily trading volumes have also risen 48.73% to $33.398 billion over the same period.
On a weekly note, Bitcoin is up 7.8%, reversing all its monthly losses.
Amid Bitcoin’s bullish run today, over $77 million worth of Bitcoin futures trades were liquidated over the past 24 hours, per data from Coinglass. Most liquidations (~93.32%) came from blown-out short positions.
Despite short-term price heroics, Bitcoin is still far from its historical all-time high of $69,044 in November 2021.
Ethereum joins Bitcoin bounce
According to data from Coinglass, Ethereum is leading liquidation activity.
Over the past 24 hours, Ethereum futures positions totaling $112.21 million were liquidated. Of the total trades liquidated, 94.48% were short positions.
Total Value Locked (TVL), a measure of DeFi activity on Ethereum, is up 2.25% to $25.33 billion, supporting the ongoing price rally.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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